Forex trading apps from well-respected Forex brokers enjoyed a respectable growth rate in 2024 and are likely to remain a hot topic in 2025, but why is that? The two primary factors driving Forex trading apps are the widespread mobile penetration across India and the popularity of copy trading. Trading with the best Forex broker in India will include access to a user-friendly mobile app. My in-depth review of the best Forex brokers and apps in India consists of a step-by-step guide on starting your Forex journey and an overview of what to look for from your Forex broker.
- FXTM, Best all-around broker with high floating leverage and fast execution.
- XM, Exception range of assets + negative balance protection.
- FP Markets, ECN trading with leverage up to 1:500.
- Octa, A commission-free broker with a proprietary copy trading service.
- PrimeXBT, An award-winning crypto-forward broker with a 100% reserve ratio.
Best India Brokers Comparison
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Regulators | CMA, FCA, FSC Mauritius, FSCA | ASIC, CySEC, DFSA, FSC Belize | ASIC, CMA, CySEC, FSCA | CySEC, FSCA, MWALI International Services Authority | BCR, FCIS, FSA, FSC Mauritius, FSCA |
Year Established | 2011 | 2009 | 2005 | 2011 | 2018 |
Execution Type(s) | ECN/STP, Market Maker | Market Maker | ECN/STP | Market Maker | Market Maker |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 0.1 pips | 0.1 pips | 1.2 pips | 0.9 pips | $9.00 |
Average Trading Cost GBP/USD | 0.2 pips | 0.2 pips | 1.4 pips | 1.3 pips | $16.00 |
Average Trading Cost Gold | $0.18 | $0.19 | $0.16 | $0.30 | $0.38 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, Proprietary platform | Proprietary platform, Web-based |
Islamic Account | |||||
Negative Balance Protection | N/A | N/A | |||
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
FXTM
In Summary Best all-around broker with high floating leverage and fast executionEstablished in 2011, FXTM has quickly grown into a global brand serving over 2 million customers. FXTM is committed to serving Indian Forex traders and has even sponsored the Indian Formula 1 team when it was active to make its presence known amongst Indian Forex traders. FXTM is regulated by the Cyprus Securities and Exchange Commission (CySec) and holds a Cyprus Investment Firm (CIF) license. Most importantly, clients’ funds are segregated from the operational funds of the company and held in top-tier banks. FXTM has its performance and execution statistics independently audited by the global consulting firm, PricewaterhouseCoopers (PwC). Trade execution is under 0.2 seconds and averages 0.1 seconds. FXTM has very little negative slippage on trades meaning traders get great prices when executing their orders. FXTM publishes its audited performance statistics on its site.
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- Limited choice of commodities
XM
In Summary Exception range of assets + negative balance protectionXM upgraded MT4/MT5 with six exclusive technical indicators. For a $5 minimum deposit requirement, traders get a low-cost trading environment with commission-free Forex spreads from 0.6 pips or $6.00 per 1.0 standard round lot. The deposit bonuses and the four-tier XM loyalty program allow traders to earn points per trade redeemable for bonus cash, boost smaller portfolios, and help their growth.
The live education room, free for XM traders, available Monday through Friday between 06:00 and 15:00 GMT makes XM one of the best Forex brokers in India, as education remains a primary service across India.
Pros & Cons
- Outstanding trading tools and loyalty program
- Low minimum deposit, high leverage*, and competitive trading cost
- Excellent research and education
- Trustworthy and transparent with generous bonuses and incentives
- Inactivity fee
FP Markets
In Summary ECN trading with leverage up to 1:500fpmarkets is an ASIC-regulated Australian brokerage which launched in 2005. For most traders, the unique selling point of this broker is in the extremely wide range of tradable assets offered, providing the opportunity to trade over ten thousand individual stocks and shares including publicly quoted Hong Kong and Australian companies. Ffpmarkets also offers 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin. fpmarkets offers an unusual hybrid ECN/STP execution model, meaning their clients can choose between ECN style of execution giving a very high level of speed, and a “straight through processing” execution style which allows for more “natural” spreads.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Octa
In Summary A commission-free broker with a proprietary copy trading serviceTraders get MT4/MT5 for algorithmic trading, while manual traders may benefit from the user-friendly, proprietary web based OctaTrader. Octa is a leading copy trading broker with an in-house copy trading service complementing embedded MT4/MT5 solutions and a popular mobile app. A 50% withdrawable deposit bonus exists, and the high-paying affiliate program pays up to $12 per lot.
Octa features swap-free trading on many assets, and the commission-free cost structure starts with spreads from 0.6 pips or $6.00 per 1.0 standard round lot, lowered via a four-tier Status program. It makes Octa one of the best Forex brokers in India.
Pros & Cons
- Quick withdrawals and deposits
- 0% commission and no overnight charges
- Space with personalised trading ideas
- Customer Support 24/7
- Mobile copy trading services available only for Android
PrimeXBT
In Summary An award-winning crypto-forward broker with a 100% reserve ratioI rank PrimeXBT among the best Forex brokers in India due to its well-regulated trading environment with oversight from five regulators, independent audits by the Hong Kong-based Financial Commission, and the €20,000 investor compensation fund. The in-house developed copy trading service delivers a wide choice of strategies due to 1M+ traders at PrimeXBT. Traders can use the user-friendly mobile app or the lightweight web-based alternative.
PrimeXBT presents competitive commission-free trading fees with average EUR/USD spreads of 0.9 pips or $9.00 per 1.0 standard round lot, volume-based rebates, and a generous reward program that grants $5,000+ cash bonuses for achieving milestones.
Pros & Cons
- Generous rewards program
- €20,000 investor compensation fund
- Proprietary copy trading service
- Good choice of Forex and cryptocurrency pairs
- No algorithmic trading
Is Forex Trading Legal in India?
Yes – Forex trading is legal in India under certain conditions. The “Forex trading in India RBI guidelines” and the Securities and Exchange Board of India, or SEBI, govern Forex trading in India.
The Forex Trading in India RBI guidelines restrict currency trading in India to just 7 currency pairs: 4 Indian rupee pairs (INR) and 3 non-INR Forex pairs. The 4 INR pairs are USD/INR, EUR/INR, GBP/INR, and JPY/INR, and the 3 non-INR pairs are EUR/USD, GBP/USD, and USD/JPY. These must all be traded as currency futures or derivatives.
The second aspect that makes Forex trading in India unique is that Indian residents may only trade through brokers that are regulated by the Securities and Exchange Board of India, or SEBI, and allow access to Indian exchanges such as the NSE, BSE, and MCX-SX. These brokers cannot use traditional electronic or online Forex trading platforms and remain compliant.
The main reason for such a strict regulatory environment is that Forex reserves in India are considered a national priority and are therefore protected.
The regulatory conditions make Forex trading in India feel like a completely different market compared to Forex trading anywhere else in the world. For example, Forex brokers in Europe and North America can offer dozens of Forex pairs at varying degrees of leverage, and they are not obliged to go through a centralized exchange to fill their clients’ trades. That level of flexibility gives traders a much more open, transparent, and low-cost environment in which to participate in the Forex markets.
Punishment for Forex trading in India is not to be taken lightly but the truth of the matter is that the Indian regulatory authorities have so far taken the path of not cracking down on individuals, but rather cracking down on Forex brokers operating illegally onshore in India. The advice is that if you want to conduct Forex trading in India, the solution is to use a well-regulated broker outside of India that accepts Indian residents. That way, you will have access to a true spot Forex market with dozens of pairs at low cost. When transferring money to Forex brokers outside of India, it is recommended not to use a wire transfer, or credit or debit card that can alert Indian authorities, but rather use PayPal or a similar electronic wallet service. This is the most practical way of conducting Forex trading in India.
How to Choose the Best Forex Broker or App in India
Every Forex trader has different requirements and preferences, but India's best Forex trading app will shine in the below categories to ensure a competitive trading environment.
Here is what Indian Forex traders should focus on:
Licensing and Regulation: Always trade with a licensed and regulated Forex broker to avoid scams. Indian Forex traders may choose a broker with a license from the Securities and Exchange Board of India (SEBI), which regulates the Forex market, including brokers, with the Reserve Bank of India (RBI). The Reserve Bank of India is known to add brokers to its entity list that do not onboard Indian traders. Therefore, Forex traders from India should evaluate Forex brokers on merit. Additionally, Indian Forex traders may opt for a globally regulated Forex broker that complies with SEBI rules.
Features: The best Forex broker in India offers a user-friendly Forex trading app with copy trading functionality, in-app customer support, and optimized trade functions for mobile screens.
Costs: Trading costs are the most defining component of a competitive trading environment. They determine the competitiveness and viability of trading strategies and reveal which strategies a Forex broker actively supports and passively discourages. I recommend commission-based raw spread trading costs with a volume-based rebate program. Irrelevant to what Forex traders prefer, a competitively prized trading environment features average costs for major currency pairs no greater than 0.9 pips or $9.00 per 1.0 standard round lot, with fees as low as $0.80 per standard round lot.
Demo Accounts: Beginners can test the trading platforms in demo accounts, while seasoned traders can evaluate trading conditions. Demo accounts also allow copy traders to test signal providers and algorithmic traders to bug-fix their trading solutions. Therefore, I recommend Forex brokers with unlimited, customizable demo accounts.
User Experience: India's best Forex trading app provides a seamless user experience with swift navigation, one-click trading, and access to relevant news and portfolio developments.
Security and Safety: Two-factor authentication (2FA) is necessary for all Forex apps. Indian Forex traders should only trade with Forex brokers offering an investor compensation fund or third-party insurance and the segregation of client deposits from corporate funds.
Localized Features: Non-Indian Forex brokers rarely offer trading accounts with INR as the account base currency, but they accept INR deposits via credit/debit cards. Forex traders should expect an Indian website and 24/5 Indian customer support from the best Forex broker in India.
How to Get Started with Forex Trading in India
Below is my step-by-step quick guide on how to get started with Forex trading in India. Before beginners consider Forex trading, they must invest sufficient time into their education. They should focus on mastering trading psychology and learn the relationship between leverage and risk management and lot sizes and risk management.
Here is my step-by-step quick guide on how to get started with Forex trading in India:
1. Select one of the best well-regulated Forex brokers offering the trading services you need to execute your trading strategy and manage your portfolio.
2. Open your trading account and follow the on-screen instructions. All Forex brokers have a user-friendly online application that does not engage in data mining, and the registration often takes less than one minute. Account verification is mandatory, and most Forex traders pass AML/KYC regulations by uploading a copy of their government-issued ID and one proof of residency document fated within the past three months.
3. Indian-resident Forex traders must understand the SEBI guidelines. Local rules and regulations may apply, and Forex traders can always contact SEBI or their Forex broker for clarification.
4. After Forex traders verify their accounts, the final step is depositing. Only a few Forex brokers offer INR trading accounts, but the best Forex broker in India supports INR deposits via bank wires, credit/debit cards, or UPI. The best Forex trading app in India also allows cryptocurrency deposits and withdrawals.
5. Use a demo account to test strategies and tweak your approach until you are consistent. Consider the limitations of a demo account, including the lack of exposure to psychology.
Risks of Forex Trading in India
The risks of Forex trading in India include the following:
A fundamental misunderstanding of Forex trading, its requirements, and possibilities
Wrong trading mentalities due to disrespect of Forex trading as a high-skilled profession
A false sense of accomplishment among beginners who rely on demo accounts as an educational tool, as they lack exposure to trading psychology
Insufficient trading capital and unrealistic expectations lead to overtrading, frustration, and inefficient trading.
Avoidable leveraged trading losses resulting from a lack of adequate risk management
Uncompetitive trading circumstances from manual trading as 80%+ of Forex transactions are algorithmic
A lack of in-depth education traps beginners in scams and fraud
Sub-standard trading conditions due to inadequate hardware, no quiet place to trade, or using mobile apps for Forex trading rather than Forex copying
Promotions of unrealistic trading performances by questionable Forex brokers and affiliates
How to Avoid Forex Scams in India?
Online trading revolutionized the retail financial market and continues to evolve positively in most areas, but it also invites scams.
Here are my tips on avoiding Forex scams:
In-depth education helps to understand markets, realize what they represent, and spot scams.
Consider that professional Forex traders average less than 12% annual profits consistently with few exceptions.
Avoid unregulated brokers, regardless of how good their offer sounds.
Legit brokers never call traders, while scam brokers call under the guise of helping beginners trade, which is a red flag.
Ignore social media, where scammers use groups, forums, channels, and direct messaging to show fake live portfolio screenshots with linear portfolio growth or high success rates with the occasional loss and outsized returns.
Avoid third-party trading bots, as they fail long-term but enrich the sellers.
Paid-for educational courses, mentors, and trading coaches are usually failed traders who recover losses by selling useless products and services.
Ignore anything that promises quick profits from small deposits with no knowledge needed.
Most successful Forex traders never share their strategies, use copy trading, or offer private lessons.
Conclusion
Indian Forex traders should select a regulated Forex broker with 10+ years of experience that offers features including INR deposits, an Indian website, and 24/5 customer support in Hindu. Legal compliance is paramount to avoid scams and fraud, and the best Forex broker in India segregates client deposits from corporate funds, offers negative balance protection, and has an investor compensation fund or third-party insurance.
